SEISS fifth grant tax explained - but warning as 'reckoning' coming for some Britons
SEISS or the Self-Employment Income Support Scheme has offered important support through a number of grants. The fifth and final grant will be able to be claimed shortly, but the rules have slightly changed, leaving some confused. To clear up any uncertainty, Simon Warne, Partner in the Private Clients team at Crowe UK, spoke exclusively to Express.co.uk about the matter.
Before making a claim for the fifth self-employment grant, individuals will need to work out their April 2020 to April 2021 turnover.
They will then need to use their turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference point when making a claim.
Turnover figures can be found in a Self Assessment tax return, on accounting software or through bookkeeping or spreadsheets, for example.
If turnover is down by 30 percent or more, then a person will get 80 percent of three months’ average trading profits – capped at £7,500.
However, if turnover is down by less than 30 percent, a lower grant amount will be offered.
